Government Pension Fund Acquires Deloitte Building in Gauteng

Government Pension Fund Acquires Deloitte Building in Gauteng

- The Deloitte building in Midrand has been acquired by the Public Investment Corporation (PIC) on behalf of the government

- The Deloitte property supports sustainable leadership in energy as well as with environmental design

- The Public Investment Corporation is expected to sell approximately 70 properties when the building has been acquired

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The building housing Deloitte's Waterfall office branch in Midrand, Gauteng has been acquired by The Public Investment Corporation (PIC), on behalf of the Government Employees Pension Fund (GEPF).

The acquisition will set the PIC back by R1.7 billion and will include the entire leasehold rights It is paying as part of the deal, which includes 100% of the leasehold rights, the office building and letting enterprise while Deloitte remains as the anchor tenant.

The newly acquired building consists of 42 500m six stories set aside for offices with enough room to facilitate 5 000 employees as well as four underground parking levels with close to 2 000 parking spaces.

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Government pension fund acquires Deloitte building in Gauteng
The government pension fund has acquired the Deloitte building in Midrand. Image: @blackpearl_gold
Source: Twitter

According to Engineering News, the PIC shared their thoughts on the purchase addressing the fact that the building sits in line with the sustainable Leadership in Energy and Environmental Design and has been altered with environment-friendly design features and technologies to emphasise and promote cost savings using consumer recycled content, solar panels and water harvesting and filtration systems.

PIC CEO Abel Sithole added that the acquirement of the building aids the PIC's drive for investments "that are underpinned by ESG (environmental, social and governance) factors."

Following reports by News24, during a statement issued by the PIC earlier this week, it was confirmed that the PIC plans on selling 70 properties consisting of malls and office buildings.

The buildings include Edcon's former training campus, a tenanted industrial unit in Lyttelton Manor, Pretoria, the Palm Grove Shopping Centre in Durbanville, Cape Town, and the Village Market Shopping Centre in Westville, Durban.

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In other news, Briefly News recently reported on the V&A Waterfront’s Canal District in Cape Town which has been granted a R3.9 billion expansion by Mayor Dan Plato.

Plato emphasised that the expansion will not only aid in economic recovery and job creation, as the expansion permitted by the mayor is set to create a minimum of 1 100 jobs during the development phase and also represents a key point within the city.

The 10.5-hectare canal district includes expansion projects on either side of Dock Road and surrounding the existing Battery Park Development.

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